Cash Converters Personal Loan

Last updated:  

Borrow up to $2,000 from this established short term lender.

This Cash Converters personal loan offers terms of up to 12 months and has a 20% establishment fee + 4% monthly fee.

It also offers applications both in store and online, with turnaround times of 24-48 hours.

$2,000

Maximum loan amount

Within 48 hours

Turnaround time

$396

Fortnightly repayment
for $1,500 loan

up to 12 months

Term of loan

Details

Product NameCash Converters Personal Loan
Minimum Loan Amount$400
Maximum Loan Amount$2,000
Arrears Fee$33
Loan Termup to 12 months
Turnaround timeWithin 48 hours
Costs20% establishment fee + 4% monthly fee
RequirementsYou must be over 18 and have a steady income of at least $300 per week
Available to Centrelink Borrowers?Yes

Features of the Cash Converters Personal Loan

  • Fast application. Applications have a turnaround time of 24-48 hours.
  • Loan amount. This loan offers amounts between $400 and $2,000.
  • Quick turnaround. If your application is approved, the funds will be available in your account during the next business day.
  • Repayments. Repayment terms vary depending on your individual loan contract, with periods of up to 12 months available.

What fees apply?

Cash Converters Personal Loans charge a 20% establishment fee + 4% monthly fee. The longer you take to repay the loan, the more you'll end up paying in monthly fees. If you fail to make your repayments on time, a dishonour fee of $33 applies. There are no additional daily fees and no rescheduling fees.

Cash Converters Personal Loan eligibility requirements

Each loan application is subject to lending criteria and is assessed by a Cash Converters representative. Some key eligibility factors to consider include:

  • Age: Applicants must be at least 18 years of age.
  • Residency status: This loan is only available to residents of Australia.
  • If you receive Centrelink payments: You can apply if you receive Centrelink payments, but what you borrow may be limited so that your repayments in any period do not exceed 20% of your gross income. This includes repayments to other lenders, as well as the new loan you're applying for from Cash Converters.
  • If you're in a Part 9 Debt Agreement: You aren't eligible for a Cash Converters Personal Loan. However, if you have been successfully discharged from a Part 9 Debt Agreement you are able to apply.
  • If you have bad credit: Cash Converters will consider your current financial situation when you apply. If they see you will be able to manage your loan, your application will be considered.
  • If you're a casual employee: You need to earn at least $300 per Week to apply for a Cash Converters loan.

How to apply

You can apply for a Cash Converters Personal Loan in-store or online. Have the following on hand to complete your application:

  • Your bank account history for the last 90 days where your income is deposited into
  • A copy of your Medicare card
  • If you receive Centrelink payments, you'll need a current income statement or your myGov login details

Once you've filled out the application form, Cash Converters will check the information and see if you fit their lending criteria. If you're approved, you'll be sent an electronic loan contract. Once that is signed, the approved loan amount will be transferred to you within Within 48 hours.

⚠️ Warning about Borrowing

payday-warningDo you really need a loan today?*

It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.

Check your options before you borrow:

  • For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
  • Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
  • If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94

The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.

* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.

Financial hardship

If you're experiencing financial hardship and would like to speak to someone for free financial counselling, you can call the Financial Counsellors hotline on 1800 007 007. It is open from 9:30am to 4pm, Monday to Friday. When comparing short term loans, ensure you take into consideration any fees, charges and rates you may be charged. It's important to weigh up all your options before applying for any form of credit.

Ask an expert

To ask a question simply log in via your email or Facebook or create an account.

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

105 Comments

  1. Default Gravatar
    Brittany
    April 3, 2019

    I would like to know why I keep getting declined on my application it’s saying 97% if my income goes to other expenses but Ive just worked my fortnightly pay out n it’s not true at all so don’t know here your getting that from

    • AvatarStaff
      Nikki
      April 4, 2019

      Hi Brittany,

      Thanks for getting in touch! There are certain reasons and parameters that each lender follows to approve or reject an application and these parameters are not disclosed to the public. It would be best to contact them directly to know why you’re application was rejected.

      Hope this clarifies!

      Best,
      Nikki

  2. Default Gravatar
    Steven
    November 26, 2018

    What happens if you don’t sign the loan contact?

    • AvatarStaff
      John
      November 26, 2018

      Hi Steven,

      Thank you for reaching out to finder.

      Definitely, you have a right to decline an approved loan. What you need to do though is to advise the loan provider directly that you wish to cancel the loan contract and not go through with it. Nothing negative will happen but please note that when you applied for the loan, a credit inquiry was done to your credit report. Hope this helps!

      Cheers,
      Reggie

  3. Default Gravatar
    Ray
    June 18, 2018

    Hi Cash Converters Team,

    Just a quick enquiry with a personal loan that I applied for on Thursday. I haven’t received any feed back accept from the store that I applied through that it had been approved. Its now monday morning, so im just wondering if it did actually get approved. Any help with this matter will be greatly appreciated. Thanks.

    • AvatarStaff
      Nikki
      June 18, 2018

      Hi Ray,

      Thanks for contacting finder.

      Sorry to hear about this delay.

      As much as we would like to help you, we are not a representation of this company or anyone we feature on our site. You’d really have to follow up with them on your application.

      Hope this clarifies!

      Regards,
      Nikki

  4. Default Gravatar
    Debra
    May 4, 2018

    Hi I was approved a cash converters loan a couple of years ago & I never made my last repayment which since then has now incurred extra fees & has been handed over to a collection agency to obtain my outstanding money owed. Unfortunately at the time due to domestic violence situation I was in a very hard financial position as I have 3 children and had to leave everything that I owned behind and relocate and start life over again. I would like to know if I pay the $150 outstanding debt would I ever be able to get a loan approved from cash converters loans again?

    • AvatarStaff
      Nikki
      May 4, 2018

      Hi Debra,

      Thanks for your message and for visiting finder – the leading comparison website & general information service built to give you advice in your buying decision needs. How are you doing today?

      We understand your situation and we are glad to know you are able to start over. :)

      Please note that we’re a product comparison website and we do not represent any company we feature on our site. We provide general information on products to assist you in your buying decision process hence we cannot recommend product / service that is rightfully fit for you.

      You may have to contact the provider directly and arrange a payment plan to clear your debt with them.

      Cash Converters will consider your current financial situation. They are generally more lenient than the banks when it comes to bad credit.

      Hope this helps! Feel free to message us anytime should you have further questions.

      Cheers,
      Nikki

  5. Default Gravatar
    Kylie
    December 16, 2017

    Hi if I have received a contract and agreed does it mean I will be approved

    • AvatarStaff
      Jhez
      December 22, 2017

      Hi Kylie,

      Thanks for your comment.

      You’ll be sent an electronic loan contract when your approved. Once you’ve signed it, your loan amount will be transferred to you within 24 – 48 hours.

      Kind Regards,
      Jhezelyn

  6. Default Gravatar
    Megan
    November 11, 2017

    Hi, I have a 12 mth loan.I changed my bank and 2 of my direct debits got sent back so I started paying it myself every week through bpay but have ended up with a large number of $33 dishonour fees because it doesn’t show up on cashiers computers that I have been paying it so I am still now paying dishonour fees which I have not dishonored what can i do for it is hundreds

    • AvatarStaff
      Joanne
      November 11, 2017

      Hi Megan,

      Thanks for reaching out.

      I’m so sorry that this happened. For this issue to get resolved you may need to reach out to Cash Converters directly. It would be best if you bring this to their attention and perhaps present to them proof that you have diligently been making your payments and advise them about the status of the 2 payments that bounced back. Hope all goes well.

      Cheers,
      Joanne

  7. Default Gravatar
    Liezl
    April 21, 2017

    Hi Nathaniel,

    Thanks for your question. For a $400 loan with a 12-month term, average weekly repayment is $13. The total repayment amount for this loan is $672, based on Cash Converters’ loan calculator.

    Cheers,
    Liezl

  8. Default Gravatar
    Robbie
    February 10, 2017

    I want to borrow 400 how much will my repayments be for a fortnightly and if i want to pay it of fast what is the total repayment i owe

    • AvatarStaff
      Dee
      February 10, 2017

      Hi Robbie,

      Thanks for your question.

      Using the loan calculator on Cash Converters’s website, a $400 loan with 12 months repayment period will have a weekly repayment of $13. If you would like to pay your loan earlier, you may be entitled to a discount. Please note that we do not represent Cash Converters so we cannot provide complete details of this discount. You may want to directly get in touch with them to inquire.

      If you want to compare other short-term loan, you can check and compare your options on this page.

      Cheers,
      Anndy

  9. Default Gravatar
    Julie
    January 2, 2017

    Just interested in finding out if your establishment fee can come out of your loan amount and how long if you apply online dose it take to find out if you have been approved.

    • AvatarStaff
      Dee
      January 2, 2017

      Hi Julie,

      Thanks for your question.

      With Cash Converters, the establishment fee is deducted from your loan amount. Say, your loan amount is $5,000, you’ll only get $4,600 credited to your account.

      The sooner you completed the required documentation, the sooner you’ll be approved. Depending on who you bank with and if you are approved, you should be able to receive the borrowed funds in your account within 24 hours of submitting your complete application.

      Cheers,
      Anndy

  10. Default Gravatar
    Jacinta
    December 12, 2016

    Hi I was wondering how much a fight night do you pay for a $600 loan?

    • AvatarStaff
      Dee
      December 12, 2016

      Hi Jacinta,

      Thanks for your question.

      For a $600 loan with a 12-month term, fortnightly payment is about $38. You can directly visit Cash Converters website and use their loan calculator to know your repayments for a particular loan amount.

      You may also want to compare other short term loans on this page.

      Cheers,
      Anndy

Ask a question
Go to site